I believe you mean "Acronym" - WASP stands for White Anglo Saxon Protestant. " White Anglo-Saxon Protestant , commonly abbreviated to the acronym WASP , is a sociologic
…al and cultural ethnonym that originated in the United States and Canada. The term originated in reference to white North Americans from the British Isles, particularly of English descent, who were Protestant in religious affiliation. The purpose of the term was to emphasize a perceived ethnic and cultural difference between English and Irish Protestants versus German and French settlers in America, and to reinforce social stratification between the various cultures. [1] It initially applied to people with histories in the upper class Northeastern establishment, who were alleged to form a powerful elite. Working class whites in the U.S. are generally not referred to as "WASPs", even if they are Protestants of Anglo-Saxon descent. [2]" Source: http://en.wikipedia.org/wiki/White_Anglo-Saxon_Protestant (MORE) 
