HEAT oven to 350 degrees F. Coat a 10-inch springform pan with no-stick cooking spray.
POUR boiling water over raisins in colander. Drain. Press lightly to remove excess water.
BEAT melted shortening, sugar, pumpkin and eggs in large bowl on medium-high speed of electric mixer for 5 minutes. Combine flour, cinnamon, baking powder, baking soda, ginger, salt and cloves in medium bowl. Add to pumpkin mixture, 1 cup at a time, beating at low speed after each addition until blended. Stir in raisins. Pour into prepared pan.
BAKE 50 to 55 minutes or until toothpick inserted in center comes out clean. Cool 10 to 15 minutes before removing from pan. Place cake, top side up, on wire rack. Cool completely. Place cake on serving plate.
BEAT shortening and powdered sugar in small mixing bowl with an electric mixer until blended. Add vanilla and milk. Beat at high speed until smooth and frosting is desired spreading consistency. Frost top and side of cake. Press nuts onto sides and outside top edge of cake.