For some time, the word "diversity" has been used to convey to members of Western societies that they live in a social climate of openness and welcome. Diversity might refer to any number of social identities or categories, and often is twinned with the phrase social equity to signal its attachment to a progressive agenda. In this article, the authors explore how the application of the word "diversity" to advance internationalization masks the reality that the marginalized identities that are meant to be protected under the discursive umbrella of equity continue to garner negative consequences. Most obviously, when it comes to internationalization, homosexuality, same-sex partnerships, and nonnormative gender identity are tied to severe legal sanctions in many parts of the world, a fact that calls into question what institutional anti-discrimination and anti-harassment actually mean when lesbian, gay, bisexual, or transgender (LGBT) people's work or study brings them into contact with such restrictions. That reality poses particular and potentially heightened risks for LGBT people in the academy, as all faculty members and students encounter the portrayal of international work and study as personal and career development opportunities. This focus on LGBT people, to which the authors return from time to time throughout the article, helps expose how a word such as "diversity," which has generally positive associations, can obscure disturbing developments. First, though, the authors consider contemporary global pressures for public sector institutions and services to refashion themselves in the image of the corporate sector. In particular, they outline the general trend of corporatization and marketization in the university, and, even more particularly, the universities that are their workplaces.