In "The Ascent of Money," Niall Ferguson highlights a troubling trend among certain savings and loan institutions (S&Ls) during a period of deregulation. He points out that some institutions risked their depositors' funds on questionable ventures, showcasing a lack of due diligence and accountability. This reckless behavior contributed to financial instability and raised significant ethical concerns about the practices within the financial sector.

Furthermore, Ferguson indicates that many S&Ls engaged in outright theft of depositors' money, operating under the misconception that deregulation meant they could operate without legal constraints. This disregard for legality not only undermined public trust but also illustrated the underlying issues in the regulatory framework of the time, with severe implications for the broader economy.