In large bowl, combine corn and sugars. Add eggs and oil; beat until well blended. Combine dry ingredients; add to batter and mix well. Stir in raisins and nuts.
Pour into greased 9 x 13" baking pan. Bake at 350 degrees for 30 - 35 minutes or until a toothpick inserted near the middle comes out clean. Cool.
Frosting: 1/4 cup butter, 1/2 c. packed brown sugar, 1/4 c. milk, 2 - 3 cups powdered sugar. Bring butter and brown sugar to a boil over medium heat. Remove from heat. Stir in milk and powdered sugar until frosting is desired consistency. Frost cooled cake.