G.G. Foster N.Y. in Slices 33: But the Peter Funk is the sublime of mercantile swindling the result of the commercial principle carried to its ultimates. [Ibid.] 34: You may find the red flag of Peter Funkism flying in Pearl-street and other ‘heavy’ quarters, where it is generally supposed that transactions are bona fide and dealers responsible.at Peter Funkism (n.) under Peter Funk, n.