The song's lyrics tell the story of a drug bust at Bard College (named "Annandale" in the lyrics after its location) while both were students there, and how a female acquaintance had inadvertently betrayed them to "Daddy Gee" (G. Gordon Liddy, then the local prosecutor). The upshot is that the singer vows he is "never going back" to the college until "California tumbles into the sea."
^Stewart Mason. "My Old School - Steely Dan - Song Info - AllMusic". AllMusic. Retrieved September 5, 2017. "My Old School" is the pair's most overt song about their alma mater, a sarcastically chipper-sounding remembrance of the time Becker and Fagen, along with several dozen other students, found themselves caught up in a trumped-up drug raid during an election cycle.