French pronunciation of �,�,ait,ais...?

I learned you're supposed to pronounce them like the "e" in "pet"(english word). I've heard French people pronounce words like "belle", "b�te", and "m�re" like that, but never have I ONCE heard anybody pronounce words like "lait" and "fait" or "palais" with that type of e. It always sounds like a more open version of "�" ...was I taught wrong..?