Sheldon Silver, 70, has served as speaker of the New York State Assembly since 1994

One of the most powerful politicians in the state of New York was arrested and charged yesterday with taking millions of dollars in bribes and kickbacks from property developers and a Manhattan law firm.

Sheldon Silver, 70, who has served as speaker of the New York State Assembly since 1994, is by far the highest ranking politician to be charged in a long running investigation into corruption in the state Capitol.

His arrest caused a sensation. Preet Bharara, who has cut a dash as the US Attorney for the Southern District of New York, said the speaker had amassed “titanic political power” while also gathering a “tremendous personal fortune through the abuse of that political power.”

It was long known that Mr Silver supplemented his