During the October 10 broadcast of his nationally syndicated radio show, Rush Limbaugh mischaracterized the accomplishments of Muhammad Yunus, who was awarded the Nobel Peace Prize in 2006. Limbaugh stated that Yunus, founder of the Grameen Bank Project, received the prize "[b]ecause he came up with a way to offer loans to poor people who couldn't pay them back." According to the Grameen Bank website, Yunus started the Grameen Bank Project in 1976 to “examine the possibility of designing a credit delivery system to provide banking services targeted at the rural poor.” The project was transformed into a formal bank in 1983 and, according to the bank's website, has since distributed $7.28 billion in microloans to people in poverty in Yunus' home country of Bangladesh. Contrary to Limbaugh's claim, the bank's monthly report for August 2008 shows a repayment rate of 98.08 percent.

Limbaugh went on to talk about former President Jimmy Carter, who was awarded the Peace Prize in 2002, saying, “He was one of the worst presidents -- the worst in my lifetime -- and one of the worst in American history. He got a Nobel Peace Prize, too. Look at the Peace Prize winners and look at how they screw up.” Carter received the Peace Price “for his decades of untiring effort to find peaceful solutions to international conflicts, to advance democracy and human rights, and to promote economic and social development.”

From the October 10 broadcast of Premiere Radio Networks' The Rush Limbaugh Show:

LIMBAUGH: Two years ago, ladies and gentlemen -- two years ago, the Nobel Prize committee awarded the Peace Prize to a man named Muhammad Yunus. He was from Bangladesh. He works at the Grameen Bank. You know why Muhammad Yunus from Bangladesh got the Nobel Peace Prize? Because he came up with a way to offer loans to poor people who couldn't pay them back.

A statement from the Nobel committee, awarding the Nobel Peace Prize to a Bangladesh banker: “Lasting peace cannot be achieved until large population groups find ways in which to break out of poverty. Microcredit is one such means.” Microcredit? No credit. Endless credit. This stuff's been in the works for I don't know how long. We started it here in this country way, way back. Jimmy Carter, who -- by the way, Jimmy Carter today, ladies and gentlemen, blaming all of this on Bush. And why wouldn't he? Jimmy Carter famous for covering his own rear-end, and this is a big CYA move, because everybody that's looked into this knows it started with him.

He was one of the worst presidents -- the worst in my lifetime -- and one of the worst in American history. He got a Nobel Peace Prize, too. Look at the Peace Prize winners and look at how they screw up. [Former Vice President Al] Gore getting one. All these institutions that used to mean something are now nothing more than tools for leftists to award themselves.