Yes, I am fairly certain that is the drawstring showing through the thin fabric. I have seen this picture for many years (and always loved it). For some reason, I am thinking this may have been a high school water polo player in California - his suit was possibly an old, faded regular nylon Speedo brand suit. The nylon suits from the 1980s-90s tended to fade fairly quickly and become somewhat see-through after many hours of use.
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