If he was still going 40 mph at the moment he lose control, how fast was he going before he applied the brakes? A 15 mph corner is, as a rule, pretty tight. Any safe driver necessarily slows down when he enters one. Drag racing or not, there is a lesson here. Physics is a bitch.
And as a resident of LA, I'm only surprised this doesn't happen more often. I regularly see luxury cars doing 70+ on surface streets with a limit of 35. Usually at night, but often in broad daylight.
And finally, can we all agree that this entire discourse would be very different it had been Justin Bieber?
OK, so it was a time-trial instead of a race. Is that technical enough for you? They were still going way too fast.