Shady doings on Sesame Street

We went to a burlesque show recently and saw one number that used a song from Sesame Street as its soundtrack. The song, which I didn't remember but Ms Goat did, was Would You Like to Buy an O?, the subject of which was replaced with an alternate meaning in the show we saw. But in watching the video, I'm struck at how not only this alternate meaning may have been intentional but how the character of Lefty seems to be a drug dealer or at least a black marketeer.