Power does not give you carte blanche to do whatever you like, moral or immoral. *No comments on RL politics*

The Ring changed Sméagol into Gollum, a creature he despised and needed to survive. And he paid for it with an extended life-span full of misery and despair. The Ring changed Isildur from a "noble hero" into a weakling depending on a Ring to survive an ambush of orcs. These two were afterwards recalled not for their good actions in their community and ME, but for letting the Ring take over them.

Morality? Guess that depends on each culture. Nonetheless, the Ring takes time to wash away all morality in hobbits. Gollum could not cheat on Bilbo (although he was not carrying the Ring anymore), while Bilbo did cheat on him. Remember, in hobbit-culture, cheating in a quiz was not accepted at all, and Gollum although long casted out of that community, still did not dare to cheat on Bilbo.
Gollum followed Frodo to avoid him taking the Ring into Mordor and let it fall into the hands of Sauron. It is a bit of morality although it does not take away Gollum did it to survive and out of his lack of trust towards the rest of the world.

To be in control...guess nobody likes to depend on somebody else when it comes to important things such as life.