Ralph Nader urges Apple to reduce buybacks and raise wages

NEW YORK: Consumer advocate Ralph Nader sent a letter to Apple Inc Chief Executive Officer Tim Cook urging the company to reduce its spending on share buybacks and use the money to raise wages, the Wall Street Journal reported on Friday.

The five-time presidential candidate wrote in a letter published by the paper that poverty wages and harmful conditions are "a consequence of tolerating outrageous stock buybacks." (http://on.wsj.com/ZQgyyy)