  We study experimentally and theoretically the Fano-shaped phonon peak at 1590
cm$^{-1}$ (0.2 eV) in the in-plane optical conductivity of pristine graphite.
We show that the anomalously large spectral weight and the Fano asymmetry of
the peak can be qualitatively accounted for by a charged-phonon theory. A
crucial role in this context is played by the particle-hole asymmetry of the
electronic $\pi$-bands.
