Doesn't seem far-fetched to me at all. Rizzuto is the kind of guy who will try to make an agreement.
As Montague already stated, the source of this report is law enforcement. The Rizzuto loyalists, or enemies, on this forum do not want Rizzuto to meet with New York emissaries, because that does not fit in their own imagination.
I agree with Sonny here. If Rizzuto is supposed to have all of this clout (just read The Sixth Family - liked it), then it doesn't seem far fetched to me at all. He is one of the older school mob guys still (at least for today) alive and perhaps still gets the respect befitting a man of his...experience, shall we say?
