Maybe you've seen the episode of Seinfeld where George's wallet grows to such a size, with cards and receipts, that he has to offset its weight by stuffing his other pocket with napkins. Then, when he opens the wallet, it explodes.
Gunnar Peterson uses the reference for the multiple security tokens which are associated with users. For example, a user may log into their Windows PC (a Kerberos Token), authenticate with SiteMinder (an smsession token), then uses an application which requires a user attribute (SAML Attribute Assertion). Without a Security Token Service (STS) to mediate between all those tokens, you end up with a Costanza Wallet problem, exploding in your face.
I've used a video to describe a Security Token Service before, but I didn't think of using George Costanza's wallet to convey the problems of too many tokens. This is a reference I'll be using from now on (thanks Gunnar!).