Yes, the totally evil and conniving villain from "Othello," and the loud-mouth parrot from "Aladdin," had this name, and I still love it.  If you can say it without the obnoxiousness that they did in the "Aladdin" movies, you can see that it's not an absolutely horrible name.  It does have a nice, even fun sound to it.   

Iago is the Welsh and Galician form of Jacob. It is usually associated with the bad guy from Shakespeare's play Othello.
See Also: Jacob

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