“Badfinger was George Harrison recording under an alias, yes?”
No, Peter Hamm wrote most of the songs - but they were discovered by Harrison and, if memory serves me, were the first band other than the Beatles to be signed to Apple Records.
That was just one high school rumor back in 1972. (Especially considering that the guitar work on this song sounds a lot like Harrison could be playing)
The other rumor was that the song was about a girl that the singer had got pregnant and then abandoned.
It was actually Beatles road manager Mal Evans who pushed to sign Badfinger (under their original name The Iveys), and McCartney had more to do with them becoming big than Harrison, as he wrote and produced their first hit “Come and Get It.”