By Ellen Wulfhorst

NEW YORK (Reuters) - The slew of Democrats seeking to become New York's next attorney general speak of Wall Street reform and regulation, but their words should be taken with a grain or two of salt, experts say.

Ahead of the September primary, the Democrats may rage at the flaws of the financial industry but in the general election and after, expect to hear a softer tone, they say.

Democrats, five of whom are seeking the attorney general nomination, tend to lean left and appeal to the most liberal voters who are the ones apt to turn out for the September 14 primary, experts say.

A move to the political center tends to follow.

"The rhetoric around issues like Wall Street reform tends to be more vitriolic in the primary and skews toward moderation as we get closer to November," said Democratic strategist Scott Levenson.

Anti-Wall Street sentiment is high in the wake of the U.S. economic crisis, and the House of Representatives just approved a landmark overhaul of financial regulations that would impose tighter controls on financial firms and reduce their profits, boost consumer protections and force banks to reduce risky trading and investing activities.

Republican strategist John McLaughlin said he sees that fervor appealing to liberal New York Democrats. "The winner of that primary will have to appeal to that constituency," he said. The Democratic nominee is considered the frontrunner for in the general election in November.

The most prominent New York attorney general was perhaps Democrat Eliot Spitzer, nicknamed the Sheriff of Wall Street for his efforts prosecuting financial malfeasance. He leveraged the position into a successful run for governor in 2006 but resigned amid a prostitution scandal within two years.

Current Attorney General Andrew Cuomo, who is running for governor, criticized bonuses paid by firms that received federal bailout funds and investigated whether top banks misled rating agencies with regard to mortgage-derivative deals.

With pledges that can range from rooting out crime to protecting investors, adding oversight or regulating against excess, each Democrat for attorney general claims on campaign websites ready to take on Wall Street.

"You've got multiple candidates stumbling over themselves to be more anti-Wall Street," said Robert Shapiro, political science professor at Columbia University. "What the candidates themselves truly believe ... is difficult to figure out."

Former federal prosecutor Sean Coffey calls for "new rules of the road" and sees a threat in thinking "reform means retribution and redistribution."

Eric Dinallo, touting experience heading the state Insurance Department, says the attorney general must be well-versed in new measures of federal financial reform. "He or she will have to interpret it, be able to backstop it, make sure the transparency is there," his campaign writes.

An endorsement for Assemblyman Richard Brodsky says he will work for Wall Street reform so New Yorkers "never again have to bear the brunt of careless, unchecked greed," while Kathleen Rice, a local district attorney, says the attorney general must "step in when Wall Street insiders don't play by the rules and ... help fight for sufficient laws when none exist."

State Senator Eric Schneiderman advocates "industry-wide, statewide and nationwide reforms to ensure investors get a fair shake and Wall Street bankers are held accountable for wrongdoing."

"FINANCIAL BACKBONE"

The Republican candidate, local district attorney Daniel Donovan, says the top prosecutor must protect investors and consumers but "not bring cases simply to get headlines." Calling Wall Street a "financial backbone," his campaign writes, "we must ensure that it continues to create jobs and remain the economic generator our state depends on."

A pugilistic pose toward Wall Street may play well in much of America, where voters have seen investments and retirement savings evaporate while investment firms reap record profits and pay huge bonuses.

But in New York, Wall Street is a major employer, pays a hefty chunk of taxes and funds plenty of political campaigns.

With what some see as battles for fair play and others see as overreaching reform, Democrats may back off so as not to alienate the financial sector, said McLaughlin.

"When you're criticizing Wall Street, there's people thinking 'I'm going to lose my job.' Wall Street in New York City is Main Street," he said.

And with the financial sector economically hard hit, an attorney general might fare better as its advocate, not adversary, noted Republican strategist Kellyanne Conway.

"There may be a new job description for the next sheriff in town," she said.

(Editing by Mark Egan and Cynthia Osterman)