  GRO J1744-28, discovered by BATSE in December 95, is the second neutron star
system known to produce frequent accretion powered bursts. The system has been
regularly monitored with the RXTE PCA since the peak of the first outburst in
January 96 at which time the observed persistent and bursting count rates were
~25,000 ct/sec and ~150,000 ct/sec, with corresponding instrumental deadtimes
of ~10% and > 50%. We present a model which allows the reconstruction of the
true incident count rate in the presence of enormous deadtime and use the model
to derive a history of the peak luminosities and fluences of the bursts as a
function of time. During the peak of the January 1996 and January 1997
outbursts, when the persistent emission was > 1 Crab, we infer peak
luminosities of ~100 times the Eddington luminosity, and a ratio of persistent
emission to integrated burst emission of ~34.
