American Academy Award- and Golden Globe-winning actor Warren Beatty was honored by the American Film Institute with a Life Achievement Award at the Kodak Theatre Thursday night.

Guests at the star-studded dinner included Bill Clinton, Jane Fonda, Al Pacino, Dustin Hoffman, Diane Keaton, Quentin Tarantino, Steven Spielberg, Robert Evans, James Caan, Halle Berry, Keith Carradine, Brett Ratner and Hugh Hefner. Barbra Streisand, Gene Hackman, Goldie Hawn and John McCain sent in taped tributes.

Beatty's alleged best friend Jack Nicholson showed up late, apparently due to the Lakers-Celtics championship game a few miles away at the Staples Center. Nicholson, wearing his trademark shades, praised his friend for his passion and dedication to excellence. He also joked that Beatty received eight times as many awards as he's made pictures.

The most impressive speech was probably that by Bill Clinton, who underlined Warren Beatty's role in his development. He recalled the influence of Beatty's movies while he was still a teen, as well as the actor's contribution to Democratic political campaigns later on.

Jane Fonda revealed that she was convinced Beatty was gay, because he allegedly had many "brilliant gay friends."

The event has been taped and will be aired June 25 on USA Network (9 p.m. ET/PT).

"I was a liberal when it was fashionable, I was a liberal when it was unfashionable, and I'm a liberal when it's coming back into style," Beatty said.

Warren Beatty won two Academy Awards, four Golden Globes, as well as many other awards. He married Annette Bening, his co-star in the gangster film Bugsy. The couple has four children: Kathlyn Elizabeth Beatty, Benjamin Maclean Beatty, Isabel Ira Ashley Beatty and Ella Corinne Beatty.