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An unknown investor shorted American Airlines and United Airlines just before the 9-11 attacks, making money because they knew it was coming.

The American Airlines pilot deal could be in jeopardy now that United Pilots have negotiated a more generous contract proposal, highlighting competitive pressures in the airline industry.

In the days before the 9/11 attacks, there was a huge surge in put options against airline stocks, suggesting some had foreknowledge of the attacks.

The 9-11 Commission report notes a surge in put options against United Airlines before the attacks, with 95% of these trades made by a single U.S.-based institutional investor. The U.S. government is still hiding the investor's name.

In May 2001, an intelligence report concluded that the FAA issued a circular to airlines warning of a heightened increase in hijackings.