Cover the dry beans with about four cups water in a two-quart saucepan. DON'T add any salt yet! Bring to a boil, and boil for three minutes. Remove from the heat and let it stand, covered for one hour.

Drain and rinse the beans. Add enough water to cover once again and bring to a boil; reduce heat to low, cover and cook until tender, about 40 to 50 minutes. Drain.

Rinse the rice with cold water until the water runs clear.

Use a large, eight-quart covered stockpot. Sauté the bacon, onion and green pepper in the olive oil until tender. Add the garlic, and sauté another minute or two. Add the tomato paste, black beans, oregano, cumin, bay leaf, and vinegar. Cook for about five minutes, stirring gently.

Add the chicken stock and the rinsed rice. Bring to a boil, reduce heat to low, cover and for about 20-30 minutes, or until rice is fully cooked.

Finally, adjust the seasonings by adding salt and pepper to taste. Remove the bay leaf.