Firstly, no, I did not make that word up.

Secondly, yes, it is actually a real word that has a real meaning.

Throttlebottom is a name given to a dishonest public official.

The word became popular around the 1930s after a character (Adam Throttlebottom) from the play Of Thee I Sing.

Examples:

People say that Mayor Quimby of Springfield is a real throttlebottom.

Or…

His actions regarding the murder showed use he was a throttlebottom.