I think it is Yiddish for alte kacher - a variation on "old person".  Like 
other Yiddish words in common usage, you have to be careful to whom and 
about whom you use it.  It carries baggage.

IBM Mainframe Discussion List <IBM-MAIN@BAMA.UA.EDU> wrote on 02/27/2006 
03:40:59 PM:

<snip>

> Ok.  I give up.  You probably weren't refering to Alaska, "Above the 
Knee",
> or a type of automatic rifle.  What is "AK" in this context?



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