The inquiry by New York Attorney General Eliot Spitzer into price fixing and secret commissions by insurance broker Marsh & McLennan could have global repercussions. For example, see the reports by NY Times and USA Today.

It will be interesting to see whether ASIC finds out whether there are similar practices in Australia.

UPDATE: Aon Australia have placed an ad in the 7 December Fin Review assuring its clients, suppliers and the public that it would be wrong to assume there are similar practices in Australia.