Reposting excerpt from Dave Weigel Slate article:

So who gave people the idea that Romney had completely severed ties with Bain in February 1999? The Romney campaign! On May 14, bristling at the first Obama/Bain attacks, the Romney campaign (via spokeswoman Andrea Saul) sent out a kitchen-sink debunking statement. The argument, made VERY LOUDLY in bolded sentences, was that Romney “left Bain Capital” in 1999. The sentences in question:

The Bankruptcy And Layoffs At GS Industries All Occurred AFTER Governor Romney Had Left Bain Capital in February 1999.
After Agreeing To Head The Salt Lake Olympic Committee In February 1999,

Romney Said He Will Leave Running Day-Today Operations To Bain’s Executive Committee.

Fact Checkers Have Stated That The Facts “Exonerate Romney” From Allegations Relating To Any Bain Deals In The Early 2000s.

You can see how people got the idea that Romney was out, see-ya, exit-state-left when it came to Bain. But here’s the weird part. The articles being cited clearly said that Romney had left the company but would provide some advice when it was needed. Here, for example, is the article referred to in the second bullet point.

“Romney said he will stay on as a part-timer with Bain, providing input on investment and key personnel decisions. But he will leave running day-to-day operations to Bain’s executive committee.” (Greg Gatlin, “Romney Looks To Restore Olympic Pride,” The Boston Herald, 2/12/99)