Black Orb got the question right first, so it's his turn to go.

As for Bison:

(SPOILER)The M was supposed to stand for Mike. Balrog in the US version's name was originally M. Bison (Vega was Balrog and Bison was Vega), so the M. was supposed to make his name Mike Bison. I don't believe they actually ever came out with an official name for what the M. was supposed to be for after that, but I guess it could be considered Major.