A hapless talent manager named Danny Rose, by helping a client, gets dragged into a love triangle involving the mob. His story is told in flashback, an anecdote shared amongst a group of comedians over lunch at New York's Carnegie Deli. Rose's one-man talent agency represents countless incompetent entertainers, including a one-legged tap dancer, and one slightly talented one: washed-up lounge singer Lou Canova, whose career is on the rebound.

Megan Carter is a reporter duped into running an untrue story on Michael Gallagher, a suspected racketeer. He has an alibi for the time his crime was allegedly committed—but it involves an innocent party. When he tells Carter the truth and the newspaper runs it, tragedy follows, forcing Carter to face up to the responsibilities of her job when she is confronted by Gallagher.