Heat oven to 350°. Put bread in a 9 x 13 baking dish, which has been greased. Beat eggs and sugar on high speed for 3 to 4 minutes. Add nutmeg and cinnamon, lower mixer speed and add milk then oleo. Pour milk-egg mixture over bread and allow bread to soak for 30 minutes. Place dish in oven and bake for 20 minutes, lower temp to 300° and bake another 20 minutes. Bread pudding should be puffy and brown. If necessary, bake longer.
Pecan-Rum Sauce: Scald cream in a heavy-bottom saucepan until it comes to a simmer. Don't let it boil. Add sugar and rum and whip until sugar is dissolved. Combine cornstarch and water, stir until cornstarch is dissolved. Whip mixture into cream until sauce thickens. Lower fire, stir in orange zest and pecans.