Looks like to me it was snap oversteer (the car was coming from oversteer the other way at the start of the vid) and he simply had a little too much throttle and steering lock. I expect if he didn't have ABS that would have span clean and not hit anything.
I have to say though, he is hardly a knob/tool/t**t - he made a mistake that. lets be honest. 90% of the driving public would have done too, being on a wet race track and a powerful car.