President Obama's campaign points to a new report disclosed about Romney testifying under oath as to serving on the corporate board of Bain Capital long after the date that his campaign says he left.

Romney gave his sworn testimony at a hearing held in June of 2002, that was held to determine if he has sufficient residency in the state of Massachusetts to run for governor of that state. During that testimony, Romney testified that he still sat on the boards of Marriot International, LifeLike Corporation and one of Bain Capital’s first investments, Staples. He told those at the hearing that he was presently on those boards, and that he had to regularly travel to Massachusetts to those meetings as well as social and family engagements.

The Boston Globe reported on the fallacy of Romney’s claims about leaving Bain in 1999 earlier as well. According to the Globe, Bain reported to the Securities and Exchange Commission in 2001 that Romney was the “sole stockholder, chairman of the board, chief executive officer, and president.” in another form, it stated that Romney held the position of Executive and was paid a six figure sum for that position.

This goes directly against what Romney had disclosed in August of 2011, when he filed a financial disclosure form as he decided to run for the presidency. There, the form filed, states that he had no active role or dealings with the Private Equity firm Bain in any way since 1999. Bain did not sell its stock in LifeLike until 2001.

Romney has said for a long time that he had to take a leave of absence from Bain to work organizing the 2002 Winter Olympics. This gave Romney cover to deny any involvement with Bain and its activities and rumored dealings from 1999 to 2002.

A spokeswoman for the Romney campaign said that the article by the Boston Globe is not true. In a statement released to the press, Andrea Saul said, “As Bain Capital has said, as Governor Romney has said, and as has been confirmed by independent fact checker multiple times, Governor Romney left Bain Capital in February of 1999 to run the Olympics and had no input on investments or management of companies after that point.”

But, his sworn testimony and the filings with the SEC seem to show otherwise and back up the stories from the Boston Globe and elsewhere.

Another spokeswoman for the Romney campaign, Amanda Henneberg, said in a statement, that the Bain controversy is “just another distraction from a desperate campaign that is willing to say anything to divert attention from President Obama’s failed record in office.”

The campaign did not however address validity of Romney’s claim that he had “not been involved in the operations of any Bain Capital entity in any way”

The Obama campaign points to Romney’s sitting on the boards mentioned earlier undermine Romney’s arguement that he was hands-off after taking his leave of absence from Bain. “You know, a new report has emerged tonight in sworn testimony in 2002, Romney said that he left Salt Lake to travel back to Massachusetts to appear at board meetings. And so the suggestion that he’s not involved in any of this — that he’s legally responsible, but not personally responsible — simply isn’t credible,” Obama spokesman Ben LaBolt said in a televised interview by MSNBC.

Stephanie Cutter, Obama Spokeswoman, told the press Thursday, “Either Mitt Romney, through his own words and his own signature, was misrepresenting his position at Bain to the [Securities and Exchange Commission], which is a felony, or he was misrepresenting his position at Bain to the American people to avoid responsibility for some of the consequences of his investments. And if that’s the case, if he was lying to the American people, that’s a real character and trust issue that the American people need to take seriously.”

That statement resulted in Matt Rhoades, the Campaign Manager fro Romney to contact Obama’s campaign demanding an apology.

But, Ben LaBolt, press secretary for Obama’s campaign, said the president has no plans to apologise. In a statement, LaBolt said, “Romney has said he had no authority or responsibility for managing Bain since February 1999, but that has been proven false. He remained CEO, President, Chairman, sole owner and sole shareholder through 2001. Governor Romney either misled the American people about when he left Bain or misled the SEC. Which one is it? The Romney campaign still won’t say.”