Could you elaborate / point me in the right direction on this? Would love to read up on this spun out operation
Not just CIA. Whenever military industrial complex or bankers want a make over, defers litigation risks or just conceal ownership, they just create a subsidiary, spun it off with another name and/or hide the everything behind client attorney privileges.
It also gives the public a memory wipe. Very clever technique indeed.
The Campus operates under the cover of Hendley Associates, a financial
trading institution. Hendley Associates is a trader in stocks, bonds, and
international currencies, though, it does little in the way of public
business and is not known to have any clients. . . . By intercepting
communications between the CIA and NSA, the Campus is able to take advantage
of SIGINT they gather and cross-deck to the CIA. This gives The Campus
currency-trading troops the best sort of insider information, which enables
the organization to make a ton of long-term money without anybody really
noticing. . . .
It's called Treadstone, there are a few movies about it.