  We argue that the observation of a sizable direct CP asymmetry A_{CP} in the
inclusive decays B -> X_s gamma would be a clean signal of New Physics. In the
Standard Model, A_{CP} can be calculated reliably and is found to be below 1%
in magnitude. In extensions of the Standard Model with new CP-violating
couplings, large CP asymmetries are possible without conflicting with the
experimental value of the branching ratio for the decays B -> X_s gamma. In
particular, large asymmetries arise naturally in models with enhanced
chromo-magnetic dipole operators. Some generic examples of such models are
explored and their implications for the semileptonic branching ratio and charm
yield in B decays discussed.
