Enemy Mig, I would suggest that the story you were told is not entirely accurate (infact, you could call it horsesh!t). When training, there are events that are known as Critical Milestones. The end of the college is one, simulator phase another and so is the final check. These have to be completed to be able to have training terminated or continued. Training is not terminated in the manner that you described. In the 'olden days', yes but not now. There is a large amount of paper work that follows you and it is very black and white as to what a pass is and not just based on an opinion of your field sim instructor.
In years gone by, there have been dudes termminated after their sim progress check and there have been a number I can think of that failed their final check before even plugging in. Those days are mostly (for better or worse I don't know) behind us.