  We use QCD light-cone sum rules to examine the B -> pi pi hadronic matrix
element of the current-current operator with c quarks in the penguin topology
(``charming penguin'') as a potential source of the substantial O(1/m_b)
effects. Our results indicate that charming penguins do not generate sizable
nonperturbative effects at finite m_b. The same is valid for the penguin
contractions of the current-current operators with light quarks. The dominant
penguin topology effects are predicted to be O(\alpha_s). Still, the
nonperturbative effects at finite m_b can accumulate to a visible effect that
is illustrated by calculating the CP-asymmetry in the B^0_d -> pi^+ pi^- decay.
