Wrong again - From http://en.wikipedia.org/wiki/Dick_Spring "He remained a TD, until he lost his seat in the general election of 2002 to the Sinn Féin candidate, Martin Ferris."
It is one of the great oft-repeated myths that 'nothing like this ever happens in the private sector'. Private sector companies go bust every day. Who got fired when Goodman Industries lost £500m within a year? Who got fired when AIB nearly went bust over ICI until the taxpayer bailed them out? Who got fired when AIB allowed Ruznak to lose millions of shareholder funds?
I personally have seen multi-million projects quietly get shelved after a year or two and the guilty parties getting promoted or moved sideways. It happens all the time.
The reasons why politicians lose their seats is irrelevant. Indeed, it shows what a risky business politics is when you realise that a politican might do a fabulous job as a minister and still lose his seat if the country moves against his party.
I'm not looking for sympathy for politicians. I'm just challenging the myths that it is a cushy life. You wouldn't wish it on your worst enemy.