Heat oven to 350°. Grease and flour 12-cup fluted tube pan. In large bowl, blend cake ingredients until moistened. Beat 2 minutes at highest speed. Pour into prepared pan. Bake at 350° for 35–45 minutes or until toothpick inserted into center comes out clean.
In small saucepan, heat margarine, sugar, nutmeg, and water until mixture boils and sugar is dissolved. Remove from heat; add rum. Pour half of the glaze around edges of hot cake. Cool upright in pan 5 minutes; invert onto serving plate. Slowly spoon remaining glaze over top of cake. Cool. Sprinkle with powdered sugar, if desired.
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