French Bread Pudding with Clear Rum Sauce

1 cup granulated sugar
8 tablespoons (1 stick) butter, softened
5 eggs, beaten
1 pint (2 cups) heavy cream
Dash of cinnamon
1 tablespoon vanilla extract
1/4 cup raisins
12 (1-inch thick) slices fresh or stale French bread

Clear Rum Sauce:
1 cup granulated sugar
2 1/4 cups water
1 cinnamon stick or 1 teaspoon ground cinnamon
1 tablespoon unsalted butter
1/2 teaspoon cornstarch
1 tablespoon light or dark rum

Heat oven to 350 degrees F.

In a large bowl cream together the sugar and butter. Add eggs, cream, cinnamon, vanilla and raisins, mixing well. Pour into a 9 inch square pan 1 3/4 inches deep.

Arrange bread slices flat in the egg mixture and let stand for 5 minutes to soak up some of the liquid. Turn bread over and let stand for 10 minutes longer. Then push bread down so that most of it is covered by the egg mixture. Do not break the bread.

Set pan in a larger pan filled with water to 1/2 inch from top. Cover with aluminum foil. Bake for 45 to 50 minutes, uncovering pudding for the last 10 minutes to brown the top. When done, the custard should still be soft, not firm.

To make the sauce: In a medium-size saucepan combine suger, 2 cups water, cinnamon, and butter and bring to a boil. Stir in a cornstarch blended with remaining 1/4 cup water and simmer, stirring until sauce is clear. Remove from head and add rum. Sauce will be thin.

To serve: Spoon the pudding onto dessert plates and pass the sauce separately.