In a small saucepan over medium heat, combine chicken broth and tomatos. Bring to a boil while cooking the following.
In a large skillet over medium heat, cook bacon until evenly brown. Chop bacon, and set aside, reserving the bacon fat. Add onion to skillet, and saute until tender. Stir in rice, and cook until lightly browned, 3 to 5 minutes. Pour in boiling chicken broth and tomato sauce. Add diced tomatoes, green peppers, and chopped bacon. Season with chili powder, salt, and pepper. Cover, and simmer for 30 to 40 minutes. Stir in black olives and corn.