Abbreviated form of Mexican Baby Gorilla - possibly the most annoying little fucker on the planet.
Chelsea: What is that orange thing over there? Oh yes!
Jim: Oh, that's an MBG, h'okay?
Chelsea: OMG that MBG is so fucking cute!
Jim: Actually, that MBG is too friggin' adorable, and it's pissing me off!
Chelsea: What? That little fucker is mocking me now! Why does it like it when I cry?
Jim: Poor Chelsea...
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