Pentangli is pointing to the black armband, which is a sign of mourning for Clemenza. They wrote Clemenza off cause the actor who played Clemenza was doing Honor Thy Father at the time, and did not have time to take part in GF2.

"I have this Nightmare. I'm on 5th avenue watching the St. Patrick's Day parade and I have a coronary and nine thousand cops march happily over my body." Chief Sidney Green