Reasons of the deletion of the scene
It was cut partially for being too cruel, and partially because in later developments of the movie the choice was made that the Genie could only grant three wishes to one master, while in this song Jafar makes numerous wishes in a row.
Two version were actually recorded. The earliest one features an alternate characterization for Jafar, who is more insane and over-the-top than he ended up being. It also features an early, snobbish version of Iago with a british accent, with a more humanlike voice than the final Iago but paradoxically behaving more like a real parrot (he mostly repeats Jafar's words, although he does say a few lines of his own too). The second version, often misidentified as the demo version, features a more measured-up Jafar and a parrot-voiced Iago, although the latter is not yet voiced by Gilbert Gottfried. Interestingly, this second version uses the same storyboard as the earlier one, which leads to small inconsistencies (such as Iago sounding like the final one, but still looking like his old design, or Jafar himself still having exaggerated expressions even though talking very self-controlledly).
JAFAR: Seize the good times!
Too bad they never last
Especially for an urchin
With a questionable past
Ah, yes, these were the good times
Hope you liked them, little friend
'Cause here is where the good times
Most decidedly must end
JAFAR: Oh, it's a thrill
Oh, it's such fun
To see another fellow's dreams
Turn into nightmares, one by one
It's such a lark
It's such a joy
To roll our sleeves up and humiliate the boy
Oh, it's a kick
Oh, it's a bash
When we remove the fancy turban
And the neatly trimmed mustache And now let's repossess the clothes
IAGO: D'ya think we ought to?
JAFAR: Why be coy?
C'mon, let's do it
BOTH: Let's humiliate the boy
JAFAR: Once he was proud
IAGO: Once he was proud
JAFAR: Once he was fine
IAGO: Once he was fine
JAFAR: The very model of Arabian design
But such is fate
IAGO: Too bad, tsk-tsk
JAFAR: I guess he'll have to learn the hard way
BOTH: Rubbing lamps involves some risk
JAFAR: And it's so rich
IAGO: So rich
JAFAR: And it's so rare
IAGO: So rare
JAFAR: To take his shirt, his shoes, his jewelry
IAGO: And then we'll thin his hair
JAFAR: Oh, we'll emasculate him slowly
BOTH: All the better to enjoy
How delicious, to humiliate the boy
JAFAR: What were the horses?
GENIE: They were roaches
JAFAR: And the camels?
GENIE: They were gnats
JAFAR: And the elephant?
GENIE: His monkey - and the rest of 'em were rats
JAFAR: They were rodents?
GENIE: Yeah, diseased ones
JAFAR: Oh, how very, very sad
Change 'em back now, that's an order
Take everything you gave him
All the magic stuff away
Leave him dirty, poor and penniless
GENIE: But, sir . . .
JAFAR: Do as I say!
Now let it rain
Now let it storm
IAGO: Now send some flies into the picture
JAFAR: But how many?
IAGO: Oh, a swarm
JAFAR: Now let 'er rip
Don't be repressed Keep on destroying things I've always felt it's what you do the best
BOTH: Let him have it! Atta Genie!
Since you're now in our employ
JAFAR: It's your pleasure to ruin him!
IAGO: Wreck him!
JAFAR: I want him neutralized!
- A bit of the instrumental of the song can be heard in another deleted song from Jafar, Why Me?, written by Menken and Tim Rice.