Green’s Dictionary of Slang

merry-go-round n.3

[var. on runaround n. (3)]

1. (orig. US) an evasion.

[US]Berrey & Van den Bark Amer. Thes. Sl.

2. (US black) one who is attempting to deceive or swindle another person.

[US]R. Klein Jailhouse Jargon and Street Sl. [unpub. ms.].