The partners of stage-producer J. J. Hobart gamble away the money for his new show. They enlist a gold-digging chorus girl to help get it back by conning an insurance company. But they don’t count on the persistence of insurance man Rosmer Peck and his secretary Norma Perry.

The traditional meeting of old friends in the bath leads to well-known consequences. Musical stars, actors and comedians act out the most recognizable scenes from their favorite New Year's Soviet films and perform songs familiar to everyone.