I think it's meant to be sympathetic: Peter is offering an option which will protect Tallboy's wife and child from the consequences of his actions as much as they can be protected, given that Tallboy has backed himself into a corner where he either has to die or go through with a messy scandalous trial. "Daddy got murdered by dope peddlers" is a better story for his family than "Daddy committed suicide" or "Daddy is in jail for murdering someone."