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GM points to his daughter's book as saying he sketched out the logo one night. It also notes a 1968 interview with his widow, who says it came to him while reading the newspaper one night.
History of the Chevrolet Corvette Logo: Crossed Flags Forever. We take a look at 70 years of changes to the logos and badging used for the Corvette. ... just to make sure that you got the point.