Water's remake is a peculiar mix of an old rocker's creative re-expression and his religious views. "The Devil pats the briefcase that holds the Faustian pact" The pact is with Waters- and he pays homage to Cohen who also professed his Faustian Pact.
It's an age old story- make the deal, get big and rich and then get torn down. Why should anyone be surprised that Waters is in the destruction phase now?