Naked singularities exist. Or do they?

While researching black holes. I came across this article. The nature of gravity is a big time interest to me. So I came upon this. I am looking forward to your comments on this.

Here is the website.

http://www.sciam.com/article.cfm?id=naked-singularities

As far as I know they are only hypothetical. I know that they've never been observed, but I'm not sure if they're even theoretically possible.

I've heard interesting ideas about odd physics occuring inside a singularity, and the event horizon preventing it from getting out into the rest of the universe, but AFAIK that's still only science fiction.