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This is most reliable way that I've found to install python modules:

open a command prompt with admin privileges

change to the scripts folder (where pip.exe is) inside the main folder of the python version you want to install the module for, e.g.
C:\Python27\Scripts

install the module using pip:
pip install pandas

Done. In my experience this is best way to ensure that the module will be found when trying to import. It also avoids conflicts between 32 bit and 64 bit versions when they are installed in the user profile folder.

Your error is strange, but this might still be helpful.