Cannot register a system, registration fails with a cryptic error.

Issue

• Registration of the system fails with following error message.

Traceback (most recent call last):
  File "/usr/sbin/rhn_register", line 25, in <module>
    from up2date_client import tui
  File "/usr/share/rhn/up2date_client/tui.py", line 29, in <module>
    import rhnreg, hardware
  File "/usr/share/rhn/up2date_client/rhnreg.py", line 20, in <module>
     import hardware
  File "/usr/share/rhn/up2date_client/hardware.py", line 32, in <module>
     import dmidecode
  File "/usr/lib64/python2.6/site-packages/dmidecode.py", line 28, in <module>
      import libxml2
  File "/usr/lib64/python2.6/site-packages/libxml2.py", line 1, in <module>
    import libxml2mod
ImportError: /usr/lib64/python2.6/site-packages/libxml2mod.so: symbol xmlFirstElementChild, version LIBXML2_2.7.3 not defined in file libxml2.so.2 with link time reference