Ok, but what's a quango?

A BBC Headline says:
"Leaked list suggests 180 quangos to be abolished" (from BBC Web Site)

Inquiring minds want to know, what the heck is a quango? Before you look it up, can you guess? First I thought it was a derogatory word for some ethnic group. Then I thought it might be a currency. Who knows?
Posted on September 24, 2010 and filed under Life, Politics.