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What is a lame duck?

What is a lame duck? Here are some definitions.

Noun
  1. (colloquial) A person or thing that is helpless, inefficient or disabled.
  2. (politics) An elected official who has lost the recent election or is not eligible for reelection and is marking time until leaving office.
  3. (finance, slang, dated) A person who cannot fulfill their contracts.
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Examples
No, I think the analysis of this is kind of a little bit of a payback for the exaggerated notion of a lame duck.
But even from the vague hints he throws out, I think we may rest assured it will not be the last quack of a lame duck.
Once known as the Bulldozer, he increasingly looks like a lame duck instead.
Yet, without strong and committed patrons, there is a real danger that he could become an ineffectual lame duck quite soon.
Up to now, the biotechnology sector has been the lame duck as regards legislation facilitating economic support.
The Department of Homeland Security, most observers agree, has been a lame duck, a victim of the rush of resources to Iraq.

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