On June 17, 1972, Frank Wills, a security guard at the Watergate complex finds a door's bolt taped over to prevent it from locking. He calls the police, who find and arrest five burglars in the Democratic National Committee headquarters within the complex. The next morning, The Washington Post assigns new reporter Bob Woodward to the local courthouse to cover the story, which is considered of minor importance.
Woodward learns that the five men—James W. McCord Jr. and four Cuban-Americans from Miami—possessed electronic bugging equipment, and are represented by a high-priced "country club" attorney. At the arraignment, McCord identifies himself in court as having recently left the Central Intelligence Agency (CIA), and the others are also revealed to have CIA ties. Woodward connects the burglars to E. Howard Hunt, an employee of President Richard Nixon's White House Counsel Charles Colson, and formerly of the CIA.
Carl Bernstein, another Post reporter, is assigned to cover the Watergate story with Woodward. The two young men are reluctant partners but work well together. Executive editor Benjamin Bradlee believes that their work lacks reliable sources and is not worthy of the Post's front page, but he encourages further investigation.
Woodward contacts a senior government official, an anonymous source he has used before and refers to as "Deep Throat". Communicating secretly, using a flag placed in a balcony flowerpot to signal meetings, they meet at night in an underground parking garage. Deep Throat speaks vaguely and with metaphors, avoiding substantial facts about the Watergate break-in, but promises to keep Woodward on the right path to the truth, advising Woodward to "follow the money".
Woodward and Bernstein connect the five burglars to corrupt activities involving campaign contributions to Nixon's Committee to Re-elect the President (CRP or CREEP). This includes a check for $25,000 paid by Kenneth H. Dahlberg, who Miami authorities identified when investigating the Miami-based burglars. However, Bradlee and others at the Post still doubt the investigation and its dependence on sources such as Deep Throat, wondering why the Nixon administration should break the law when the president is almost certain to defeat his opponent, Democratic nominee George McGovern.
Through former CREEP treasurer Hugh W. Sloan Jr., Woodward and Bernstein connect a slush fund of hundreds of thousands of dollars to White House chief of staff H. R. Haldeman—"the second most important man in this country"—and to former attorney general John N. Mitchell, now head of CREEP. They learn that CREEP was financing a "ratfucking" campaign to sabotage Democratic presidential candidates a year before the Watergate burglary, when Nixon was lagging Edmund Muskie in the polls.
While Bradlee's demand for thoroughness compels the reporters to obtain other sources to confirm the Haldeman connection, the White House issues a non-denial denial of the Post's above-the-fold story. Bradlee continues to encourage investigation.
Woodward again meets secretly with Deep Throat and demands that he be less evasive. Very reluctantly, Deep Throat reveals that Haldeman masterminded the Watergate break-in and cover-up. He also states the cover-up was not only intended to camouflage the CREEP involvement, but also to hide "covert operations" involving "the entire U.S. intelligence community", including the CIA and Federal Bureau of Investigation (FBI). He warns Woodward and Bernstein that their lives, and those of others, are in danger. When the two relay this information to Bradlee and tell him of the depth of the conspiracy, Bradlee realizes that a constitutional crisis is coming, but tells them to move forward with the story.
During the second inauguration of Richard Nixon on January 20, 1973, Bernstein and Woodward type the full story, while a television in the newsroom shows Nixon taking the oath of office for his second term as president. A montage of Watergate-related teletype headlines from the following years is shown, ending with the report of Nixon's resignation and the inauguration of Gerald Ford on August 9, 1974.
Redford began asking about the Watergate break-in while promoting The Candidate, then read Woodward and Bernstein's Watergate stories in The Washington Post, while waiting to start filming The Way We Were. Redford first spoke with Woodward in November 1972, after the reporters' well-publicized mistake about Hugh Sloan implicating Haldeman in his testimony to the Watergate grand jury.
Redford bought the rights to Woodward and Bernstein's book in 1974 for $450,000, with the idea to adapt it into a film with a budget of $5 million.
Reception
All the President's Men grossed $7,016,001 from 604 theaters in its first week, placing it atop the U.S. box office. It eventually grossed $70.6 million at the box office.
Rosenfeld: I would liken your query to being in Russia half a century ago and asking someone, "I understand who Lenin is and Trotsky I got too, but who's this yokel Stalin?"
Simons: Did you call the White House press office?
Woodward: I went over there; I talked to them. They said Hunt hadn't worked there for three months. Then a PR guy said this weird thing to me. He said, "I am convinced…
