The recent detection of the super-Eddington persistent luminosity of the bu
rsting pulsar GRO J1744-28 suggests that the X-ray radiation in this object
is emitted by the side walls of high accretion columns standing on the mag
netic polar caps. We show that the observed energy dependence of the pulsed
fraction in the X-ray Bur of GRO J1744-28 can result from a non-uniform di
stribution of the effective emission temperature over the height of the col
umn. The effect of gravitational light bending near the surface of the neut
ron star must be taken into account.