The Volcker Rule and the End of Private Equity?

Late last week, Obama announced the "Volcker Rule" -- a new era Glass-Steagall.  Prohibiting banks that take deposits from investing in private equity or hedge-funds will likely have a big impact on the position of financial acquirers in the takeover market.  Could it be the end of private equity - and the market for corporate control - as we know it?  That sounds pretty apocalyptic.  It couldn't be that bad, could it?     

Clive Crook over at the FT has thoughts on the "Volcker Rule" as does Felix Salmon.  The "Volcker Rule" proposal is here and video below.

-bjmq