Wamu couldn't have been in better shape. If they were then they would have been able to borrow from the discount window; which is the lender of last resort.
The Fed apparently cut them off from the Window because they had no assets worth pledging against the borrowings.
As for the other banks they are absolutely correct in fighting this.
The Clearing House said in its court filing that the Fed has never revealed the identities of borrowers from its discount window, the lending facility where banks get short-term funding and the source of the 2008 emergency loans.
And,
the government argued that releasing the names of banks that accepted emergency loans from the Fed’s discount window could potentially turn a bad situation worse.
According to that defense, depositors, fearing the loss of their life savings, might cause a run on institutions named as having accepted emergency loans.
The Clearing House said in its appeal, “Disclosure of this information threatens to harm the borrowing banks by allowing the public to observe their borrowing patterns during the recent financial crisis and draw inferences – whether justified or not – about their current financial conditions.”
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