FOR THE CAKE:
Preheat the oven to 325°.
Grease and flour or spray a 12-cup bundt pan well.
With a mixer on medium speed, blend all the cake ingredients for three minutes.
Pour the cake batter into the prepared bundt pan.
Bake at 325° for 50–60 minutes, or until cake tester inserted comes out clean.
Cool the cake in the pan on a wire rack for 20 minutes.
Meanwhile, make the glaze.
FOR THE GLAZE:
In a small saucepan, over medium low heat, mix all the glaze ingredients except the rum.
Cook until boiling, then reduce the heat to low and simmer for 5 minutes until thick.
Remove the pan from the heat and add the rum.
Poke holes all over the top of the cake with a skewer.
Spoon the glaze over the warm cake, letting it seep into the holes.
Cool the cake until it is completely cool in the pan, then run a knife around the edges of the pan to loosen the edges. Invert the cake onto a wire rack, then quickly invert it again onto a serving plate so the shiny side with the glaze is on top.
Store the cake covered on top of the counter.