ðɪ aɪdˈiə ðˌɐɾɪt dᵻnˈoʊɾᵻd ɐ mˈiːɾɪŋ plˈeɪs fɔːɹ bˈɛɡɚz ɔːɹ ɐ θˈiːvz dˈɛn ɪz ɹᵻdʒˈɛktᵻd baɪ hˈaʊlɪt æz ɐ fˈoʊk ˌɛɾɪmˈɑːlədʒi ɚɹˈɪdʒᵻnˌeɪɾɪŋ ɪn bɹˈuːɚz dˈɪkʃənˌɛɹi ʌv fɹˈeɪz ænd fˈeɪbəl.
The idea that it denoted a meeting place for beggars or a thieves' den is rejected by Howlett as a folk etymology originating in Brewer's Dictionary of Phrase and Fable.