Kenneth D. Moelis, Chief Executive Officer, Moelis & Co., was the first keynote interview at the The Deal's Fifth Annual Private Capital Symposium. br br "I think the cycle in the late 1980s and the current one were very similiar," Moelis said. "There was a tremendous amount of liquidity in the 1980s, and deal multiples did get driven into excess. But they were restricted to one firm, so when the crisis hit it was restricted to one firm, Drexel." br br For complete coverage, visit TheDeal.com for live updates from the event.