This paper critically examines Equality and Human Rights Commission's (EHRC) 2019 report into racism in United Kingdom Higher Education. After outlining the context of the report, the paper is situated within discourses of internationalization in higher education (HE) and those of investment, excellence and social mobility. Using transversality, an analytical tool developed by Gilles Deleuze, as a means of critiquing these connections, two groups of findings are presented. First, the report misrepresents the role of racism in HE as an isolated phenomenon rather than as an integral part of the discourse, logic and practices of internationalized HE. Specifically, it masks the discourses of investment, mobility and excellence that underpin it. Second, the report evidences, but fails to identify, the negative consequences of internationalization in higher education discourse. Specifically, discourses of investment, excellence and mobility are linked to the threat of decomplexification, securitization and, ultimately, ethical vacuity in HE.