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Dressed in a silk tie and tailored navy blue suit, Antonio Sanguino looks every bit the chief executive. From offices in an elegant Tudor home in one of Bogotá's neighborhoods, Mr. Sanguino oversees what in Colombia could be called an empire - a 35-room hotel downtown, a national construction operation that has built 600 homes, an agricultural brokerage firm and other buildings. It is the kind of work that may seem sharply out of the ordinary for Mr. Sanguino and the board members of Nuevo Arco Iris, or the New Rainbow. The survival of Arco Iris, along with similar but smaller programs run by former rebels, is crucial in a country that is trying, through a two-pronged strategy of military offensives and disarmament negotiations, to sideline three armed insurgencies. Many rebels wind up jobless and homeless. Those who desert from Colomb