Haven't played the game yet, but all the 'racist' issues people have mentioned sound wholly acceptable for the period the game is set in. Maybe it
is too much though, I've yet to play it and judge for myself.
Think about it though - these guys are uneducated macho gangster Italian-Americans. I can't really picture them as anything else but slightly racist/sexist. And the other stereotypes (jail rape, black neighbourhood, jew moneylender) all seem fair within the movie-like atmosphere the game is trying to create. You get just as many 'cheesy' stereotypes in virtually every Mafia movie from Hollywood.
Sure, some of the notions are radical for today's standard, but don't forget a lot of things were quite different back then and I, for one, am glad that the developers chose to face those notions rather than drown them in some politically correct bullshit.
It's like saying the game supports smoking by saying it's good for you, which is indicative of the backwards Eastern European thinking. No. A lot of people just thought like back then, 'even in America'.