Who was Peg?

It won't answer your question, but this site will have you asking a lot more questions.

Former President Ronald Reagan called her "The best man in England" Prime Minister Margaret Thatcher.

I dont know but I know who Rikki is

The link was interesting but obviously there is more information available. I base my response mostly on the link'sinterview's one sentence about "My Old School". Do a Google search on "My Old School" and Steely Dan and you'll find a bunch of stuff.

It seems that Fagan's and Becker's old school is indeed implied by "Annandale". Both of the Steely Dan guys went to Bard College in Annandale-On-Hudson in New York. Or maybe they mean "Annandale" in northern Virginia. After all, they do mention the College of William and Mary, which is in Williamsburg, Virginia. But many New Yorkers go to school there (or did in my day).

Damn, Qdrone, I was listening to that song the other day, and I was wondering the same thing! I'll have to listen again, now. And thanks for the link, Onhwy61