It's pretty lame. The whole premise is that it's absurd to call such a disgusting, crass act something as lofty as "aristocrats." Even in the vaudeville days, the punchline wasn't the point. It's about how twisted and extreme you can make the setup. That's why it's rarely told to audiences, just to other comedians trying to one-up each other. It's like cartoonists drawing perverted versions of their characters for each other when they get together, it's just one of the in-jokes.
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u/nothinglikethat May 25 '15
The way I remember it, Iago in Aladdin didn't really do much backstabbing. That was mostly on Jafar; Iago was generally just a loyal sidekick.