The meaning of that "phrase" is that some like to have a nice cake to show people that they have a nice cake. Then they want to eat the cake because it tastes good. But once they eat it, they have no cake to show everyone.
Rangel wants to be able to Bash Bush whenever he wants but he also wants to appear like he's defending American Honor and the presidency. You can't blame the president for killing soldiers, killing blacks in Katrina and contributing to terrorism and then defend his honor when someone else says the same thing. Its dishonest.
I know what the phrase means and the context in which you used it. I didn't get into Law School by being a dumbass. I was merely being facetious. Grow a sense of humor.
P.S. Look up the definition of the word dishonest. You used it out of context.