To hurry through an exam in a subject you don't care enough about to have studied for and thus don't know anything about.
Bucky: Dude, how did you approach the essay on Keynesian economics?
Squealer: Fail and bail, man.
Taking a job at which you fail to perform, deflect any questions about what you're doing by getting offended at the questions, and just before you get completely nailed for not doing what you're supposed to do, you bail out... admitting nothing.
What happened to your former CTO? Oh, man, he pulled a Fail n' Bail like you wouldn't believe. I should have known, because when I asked him what he did all day, he said "I'm offended by the question," and then didn't answer it.