The case of an elderly man with pemphigus vulgaris and an episode of bleeding caused by increased fibrinolytic activity of the serum is presented. Coagulation studies indicated that the fibrinolysin was attacking the fibrinogen and prothrombin as well as the formed clot. The hepatic function tests revealed a temporarily severe degree of hepatic decompensation at the time the accelerated fibrinolysis was demonstrated. Both disappeared when the pemphigus was controlled.