  We report the first photoemission study of Fe$_{1+x}$Te - the host compound
of the newly discovered iron-chalcogenide superconductors (maximum T$_c$ $\sim$
27K). Our results reveal a pair of nearly electron-hole compensated Fermi
pockets, strong Fermi velocity renormalization and an absence of a
spin-density-wave gap. A shadow hole pocket is observed at the X-point of the
Brillouin zone which is consistent with a long-range ordered magneto-structural
groundstate. No signature of Fermi surface nesting instability associated with
Q=($\pi$/2, $\pi$/2) is observed. Our results collectively reveal that the
Fe$_{1+x}$Te series is dramatically different from the high T$_{c}$ pnictides
and likely harbor unusual mechanism for superconductivity and magnetic order.
