From the Boston Globe archives, October 27, 2002, when Romney was on the home stretch of winning the governorship:
The ads, which started airing yesterday, feature testimonials from former workers at GST Steel and Ampad, companies bought by [Romney]'s former firm, Bain Capital. The ads accuse Romney of laying off workers and denying them health benefits.
Romney, speaking at a City Year volunteer event in Dorchester, said he had no role in those decisions. He said he was on leave from Bain Capital, running for the US Senate in 1994, when the company acquired Ampad. And at the time of the GST Steel layoffs, he said, he was on leave again, organizing the 2002 Winter Olympics. From February 1999 until now, Romney said, he had "no association" with Bain Capital.
Still, aides to [Democratic nominee Shannon O'Brien] said Romney was earning a share of Bain Capital profits at the time both Ampad and GST Steel were laying off workers. "When Bain makes money, Romney makes money," said O'Brien's spokesman, Adrian Durbin.
He was also being paid a six-figure salary for having "no association" with Bain.
(Hat tip: Politicalgates)