Remove the husks from corn; scrub with a stiff brush to remove silks. Rinse. Use a sharp knife to remove corn from cobs, cutting two-thirds of the way to the cob. Scrape cobs with a dull edge of a knife. (You should have about 4 cups.)
In a 3-quart saucepan cook onion and green pepper in margarine or butter about 5 minutes or until tender. Stir in corn, tomato, salt, black pepper, and red pepper. Cover and cook over low heat about 20 minutes or until corn is tender. Season to taste. Makes 6 side-dish servings.