Preheat oven to 350 degrees F (175 degrees C). Grease a 9-inch fluted tube pan (such as a Bundt(R)).
Beat vegetable shortening with sugar in a bowl with an electric mixer until light and fluffy; beat eggs into mixture one at a time, incorporating each egg before adding the next. Mix vanilla into egg mixture.
Whisk flour, baking soda, baking powder, and salt in a bowl; stir into liquid ingredients in several additions, alternating with buttermilk to make a smooth batter. Pour batter into prepared tube pan.
Bake in the preheated oven until cake is lightly browned and a toothpick inserted into the middle of the cake comes out clean, about 1 hour. Let cake cool and dust with confectioners' sugar.