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Rhyming slang for Greek
Also slang for (Whispering) Grass as in, "That bastard bubbled me to the RSM" which is probably a derivation of babble as in "babbling brook" being a slightly wetter version of the aforementioned whispering grass. Obviously neither is a good thing to be if the grassed up or bubbled individual gets his hands on you.
Please note that when your boss grasses you up the chain he calls it Moral Courage