Just found out (From Around the Horn) Manute Bol is the one who came up with the saying "My Bad". He didnt speak English that well at first and heard everyone saying My Fault after bad plays--from my understanding because of his lack of English he came up with My Bad. (On around the horn they said it was proven some how)
Anyways- For all those who are always saying "My Bad" on the basketball court (Looking at you Great1) you can thank Manute Bol for the saying.