  We report the first photoemission study of Fe1+xTe - the host compound of the
newly discovered iron-chalcogenide superconductors. 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(1/2, 1/2) is observed. Our
results collectively reveal that the Fe1+xTe series is dramatically different
from the undoped phases of the high Tc pnictides and likely harbor unusual
mechanism for superconductivity and quantum magnetic order.
